Medical technology firm Boston Scientific has purchased an undisclosed stake in US medical devices maker Millipede for $90m.
Based in Santa Rosa of California, Millipede has developed IRIS transcatheter annuloplasty ring system to treat severe mitral regurgitation (MR).
As part of an acquisition option agreement, Boston Scientific can purchase the remaining shares of Millipede at any time before the completion of a first in human clinical study that meets certain parameters.
Each company's option period expires by the end of 2019.
Boston Scientific will pay an additional $325m at the closing of the deal, and a further $125m based on the achievement of a commercial milestone.
The IRIS transcatheter annuloplasty ring will be placed through a trans-femoral venous approach.
The femoral vein will be accessed and delivery catheter will be inserted into the right atrium for tricuspid valve repair or to the left atrium through the fossa ovalis via a trans-septal approach for mitral valve repair.
In addition, the delivery catheter places the device supra-annularly. Later, the ring is anchored and clinched to reduce annular size and valvular regurgitation.
Boston Scientific global chief medical officer and executive vice president professor Ian Meredith said: "Intervening with the least invasive approach at earlier stages of severe mitral regurgitation has the greatest opportunity to alter the natural history of the disease and the progression to heart failure.
Millipede board chairman Dr Joe Cunningham said: "We saw an opportunity to bring the gold-standard surgical approach to repairing the mitral valve to an underserved population of severe MR patients with transcatheter techniques, and are excited Boston Scientific also sees the unique abilities of the IRIS transcatheter ring.”
Image: Boston Scientific's Corporate Headquarters in Marlborough, Massachusetts. Photo: courtesy of Boston Scientific Corporation.